With the busy summer travel season quickly approaching, Congressman Eliot Engel urged the Bush administration to stop buying oil to fill the strategic petroleum reserve in hopes that this plan will lower the soaring price of gasoline.
“Gas prices are already at record highs and predicted to rise to $4 a gallon, hurting all Americans and only helping our enemies and dubious allies in the Middle East,” Engel said in a statement. “It is estimated that we can cut the price of gasoline by 5 to 10 percent if we stop buying for the reserve now.”
Americans who make less than $20,000 a year are spending roughly 10 percent of their income on gas. The strategic reserve is currently over 96 percent full, the same level it was at in August of 2004 when the Bush administration successfully used a temporary suspension to relieve supply and price crunches following Hurricanes Katrina and Rita.
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Welcome to the Norwood News, a bi-weekly community newspaper that primarily serves the northwest Bronx communities of Norwood, Bedford Park, Fordham and University Heights. Through our Breaking Bronx blog, we focus on news and information for those neighborhoods, but aim to cover as much Bronx-related news as possible. Founded in 1988 by Mosholu Preservation Corporation, a not-for-profit affiliate of Montefiore Medical Center, the Norwood News began as a monthly and grew to a bi-weekly in 1994. In September 2003 the paper expanded to cover University Heights and now covers all the neighborhoods of Community District 7. The Norwood News exists to foster communication among citizens and organizations and to be a tool for neighborhood development efforts. The Norwood News runs the Bronx Youth Journalism Heard, a journalism training program for Bronx high school students. As you navigate this website, please let us know if you discover any glitches or if you have any suggestions. We’d love to hear from you. You can send e-mails to norwoodnews@norwoodnews.org or call us anytime (718) 324-4998.